Apex vs Topstep vs Bulenox
A clean, no-BS rule comparison so you can see exactly which futures prop firm fits your trading plan.
1. Trailing Drawdown Rules (Most Important Difference)
Trailing drawdown rules are the #1 reason traders pass or fail. Study this section with Trailing Drawdown Explained.
| Firm | Trailing Drawdown Type | Stops Trailing at? |
|---|---|---|
| Apex | Trailing (closest to price) | Account hits starting balance + drawdown |
| Bulenox | Trailing | Same as Apex |
| Topstep | Trailing, BUT only on closed balance | Never trails unrealized |
Topstep’s “closed PnL only” rule is easier for beginners. Apex and Bulenox require tighter stops and more discipline.
2. Profit Targets
| Firm | Typical Profit Target ($50k eval) |
|---|---|
| Apex | $3,000 |
| Topstep | $3,000 |
| Bulenox | $3,000 |
All three are basically identical on profit targets.
3. Daily Loss Limits
| Firm | Daily Loss Limit ($50k eval) |
|---|---|
| Apex | ~$1,100 |
| Topstep | $1,000 |
| Bulenox | ~$1,000 |
These numbers plug directly into your Daily Loss & Reset Rules.
4. Scaling Rules (During the Evaluation)
| Firm | Scaling |
|---|---|
| Apex | No scaling rules — trade max size allowed |
| Bulenox | No scaling rules |
| Topstep | Strict scaling rules (contract limits per profit level) |
If you follow the One-Contract Strategy, scaling doesn't matter anyway.
5. Evaluation Structure
| Firm | Steps Required |
|---|---|
| Apex | 1 step |
| Bulenox | 1 step |
| Topstep | 2 steps (Stage 1 & Stage 2) |
Apex/Bulenox = faster. Topstep = slower but cleaner risk rules.
6. Payout Structure
| Firm | Payout Rules |
|---|---|
| Apex | Keep 100% up to $25k, then 90% |
| Bulenox | Similar to Apex (varies per account) |
| Topstep | Keep 100% of your first $5k, then 90% |
7. Difficulty Rating (Practical, Not Marketing BS)
- Easiest: Topstep (closed PnL trailing)
- Medium: Apex
- Hardest: Bulenox (strictest trailing behavior)
This matches the experience described in Overtrading in Evaluations.
8. Which Should You Choose?
If you want fastest / cheapest:
Apex
If you want easiest rules:
Topstep
If you want highest profit split + frequent promos:
Apex or Bulenox